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Worldview — the power of central banks
Engelsberg Ideas Podcasts
The Uncertainty of the Second Half of the 19th Century
Central banks have a large impact in terms of being able to influence inflation. But they can't really affect the long run growth rate of the economy. That reflects much more fundamental factors that drive productivity. So very important, yes, but not over powerful. Mervyn, do we expect too much of them really?
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